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Corporate Governance And Social Responsibility Essay

1337 words - 5 pages

AbstractThe formal definition of social responsibility is "management's obligation to make choices and take actions that will contribute to the welfare and interests of society as well as the organisation." However, it is not as straightforward as it may seem. Having social citizenship means putting managerial ethics to practice and work. So how can we measure social responsibility of one company's ethical decision? With the competing demands from different stakeholders, CSR is becoming more important in an organisation.1.Is there any conflict between profits and social goals?The answer is "Yes" and "No". We live in the 21st century's world which is well developed and connected environment, comparing to the old time. There are over 6 billion people and millions of companies in the world try to survive and as well as not crossing the others rights. To create the wealth for themselves, they do something which is to fulfil the others' needs. This is called a "business". To do business, people can organise themselves in a group which is called corporate or organisation. In other words, a business can be defined as an organisation that strives for profits while meeting the needs of its customers and employees and balancing the impact of its actions to other stakeholders. The main aim of it is to make profit. On the other hand, they also have social responsibility. Social responsibility means you are should be accountable for your actions and keeping your agreement as well as the ability to be ethical. Of course there is conflict between social goals and profits. To increase its main target of profit the firm can save and spend less money and only invest for its growth. For example: Use of child labour, the use of not environmentally friendly technology or not fair competition etc. But also company can increase its profit while contributing social goals according to the theory of the American famous economist Milton Friedman . In these days, big firms use Corporate Social Responsibility (CSR) as one of the most important tool to increase its profit. CSR is a management model that promotes ethical conduct and values for businesses by creating public relations policies to promote these practices to publics and stakeholders. Companies like BP, Shell, Ford, EDF Energy and a large number of other multinational and smaller organisations are beginning to, or already have taken the concept of Corporate Social Responsibility very seriously. As a business the firm should work for profit. But a business firm without a social responsibility may not be able to survive. Also there is a strong positive relationship between levels of social responsibility and ethic. Social responsibility has become increasingly important in order to strengthen firm's market value. Obviously the company success is to maximize its market value. The market value is not only affected by financial profits, but also a firm's social and environmental performance. Bearing this in mind, it...

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